it is your duty to file your tax returns.

2. ITR receipt is a very important document You need to preserve ITR receipts carefully as they are very important proof of your income and of payment of your taxes. It is much more detailed than Form 16. It contains your total income details and has details of your income from other sources.

3. ITR receipt is a useful document for hassle-free processing of bank loans Most banks and NBFCs ask for ITR receipts of the latest three years when you apply for high-value loans like home and car loans. Lenders consider ITR as the most authentic document supporting an individual’s income. Hence, you should regularly file ITR if you are planning to avail home or car loans in the future.

4. Visa processing Embassies of developed countries like the United States, United Kingdom, Canada, and Australia ask for ITR receipts of the past years to process your visa application. They are very particular about your tax compliance and hence, you are asked to furnish past ITR receipts. This helps them assess your income and ensure that you are able to take care of the expenses on your trip.

5. Compensate losses in the next financial year...